Market Update - October 19, 2012

Posted on Oct 19, 2012
  CBOT futures are trading mixed with wheat posting the best gains. All CBOT commodities are trading off from their overnight highs.  Wheat is finding support from news that the Ukraine will stop wheat exports starting in November; this could lead to more export business for the U.S.

  Ahead of this afternoon’s Cattle on Feed report, CME livestock futures are trading mostly lower but little changed from Thursday’s closing prices.  Cash trade at the feedlot is not established.

  Lean Hog futures are trading higher.  December’s discount to the cash hog price is supportive.  The latest slaughter stats show a bump in sows being liquidated. If producers reduce the herd, the 2013 outlook would improve.

  Outside markets are slightly negative.  Some factors are: have seen an increase in disappointing corporate earnings reports, U.S. jobless claims jumped, and existing home sales slid in September.

Corn Dec +8 768; Mar +6 766; Dec’13 steady 636

Bean Nov -3 1542; Mar -3 1517; Nov’13 -7 1346   Meal Dec +2 465; May +1 428   Oil -38 5192

Wheat Dec +14 882; Jly +11 858   KC +12 917;  MGE +8 952

LC Oct +17 12640; Dec -17 12787; Apr -15 13512

FC Oct -37 14647; Nov -2 14910; Apr -5 15430

LH Dec +82 7967; Feb +60 8592; Jun +27 10082

Milk Oct -1 2103; Nov -8 2053

Oats +3 397

Rice +7 1500

US$ +.25%

Dow -.8%

SP -.8%

NAS -1.1%

Tran -.8%

VIX +2.1% 15.35

WTI -.3%

Brent -.5%

Gas -.3%

NG +.9%

HO +.1%

Eth +.4%

Gold -.5%

Slvr -1.4%

5-yr -.021 0.765% 10yr -.030 1.801% 30yr -.021 2.990%

Tagged Post Topics Include: Economics, Market updates